Wells Fargo analyst Michael Sison lowered his price target for Ingevity to $83 from $100, while keeping an Overweight rating on the shares. Despite the "solid" Q4 beat, the analyst notes that investor skepticism remains on the long-term trajectory of earnings growth due to the recent ruling denying the ban of importation of products and the long-term impact of the company's 844 patent expiration in 2022. Nonetheless, Sison believes the company is still capable of generating stronger growth than the traditional chemical company over the next several years with cyclical upside in Performance Chemicals and potential shift to other PM technology.

Jefferies upgraded Ingevity to Buy from Hold with a price target of $62, up from $52. The analyst says hybrid sales are outpacing electric vehicle sales, bolstering activated carbon volumes, and likely leading a 4% increase in segment sales and a 7% increase in EBITDA through 2026. Meanwhile, in Performance Chemicals, a re-stock cycle, a change in feed stocks, and a focus on higher-margined products will likely support an EBITDA rebound for Ingevity, the analyst tells investors in a research note. The firm finds the stock's valuation attractive at current share levels.